I haven’t the slightest intention of causing anyone a heart attack, but if my version of reality is anything to go by, MMM is over in Nigeria. While we await the 14th of January (a date all my debtors have promised to pay up), we might as well weigh in on the pros and cons.

First of all, we need to agree that the MMM system is not sustainable in that there isn’t a business source of income from which people get paid. One person pays another, and the one person who pays another is himself paid by another. Worse still, he is paid more than he pays. That’s like digging up three holes to fill two, and another three to fill two of the empty three holes, and on and on and on. That’s why it’s described as a pyramid scheme. There soon will be more empty holes than space to dig, and that time for MMM Nigeria is now.

Why were accounts frozen in the first place? I’ll answer that shortly. But first, we see that the system thrives on the number of people willing to put in money, commonly referred to as “provide help” (how charitable). The number of people who pledge to Provide Help (PH) was (and must be) more than the number of people who ask to Get Help (GH). Anything short of this is grounds for imminent and unavoidable crash.

Amazingly, getting money was easier than giving it. If you wanted money, you’d get it in 48hrs but if you were giving money, you had to wait for weeks before you were called for it. Awesome, right? Yes, it was. Until Christmas.

In December more people wanted money and fewer people were willing to give it. Surprised? Not at all. The management had no other option than to suspend the flow of money simply because the money wasn’t flowing anymore. People began hoarding it. The suspension may be lifted on Saturday, but will it work? No.

Unlike registered financial institutions, there is no central account. That is, the money is not with anyone. That’s why it’s called peer-to-peer. So if your N200,000 is currently stuck in the system, who will give you? Nobody is obligated to. Nobody! For anyone to make any payment on MMM, they need an assurance that they’ll get it back. So it boils down to morale, the same morale that got it up before. But considering how much people have spent in the festive season, the one month freeze and the negative press, the MMM morale in Nigeria is currently somewhere between zero and three on a scale of one to ten.

And please, this is not a prayer. It’s only my version of reality.

Good luck with your countdown though.


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